As a seasoned crypto investor with a knack for spotting trends and a penchant for navigating market fluctuations, today’s surge in Ether’s price has caught my attention. I’ve seen enough bull runs to know that when the stock market soars, it often pulls cryptocurrencies along for the ride. The robust Q3 earnings from major US banks have certainly added fuel to the fire, increasing investors’ short-term risk appetite.
Today, the value of Ethereum’s Ether (ETH) token is climbing higher, boosted by strong Q3 financial results from prominent U.S. banks which have sparked a temporary increase in investor risk tolerance.
Ether price mirrors stock market gains
Today’s Ether gains appear after a record session across the top US stock market indexes.
On October 11th, the Dow Jones Industrial Average experienced an increase of approximately 0.97%, ending at an all-time peak of about 42,864 points. At the same time, the Nasdaq Composite also posted a gain, climbing 0.33% to reach a new record high of around 18,343 points.
The S&P 500 rose by approximately 0.61% to finish near 5,815 points. Additionally, Ether followed the overall optimistic market trend.
The rally in risk assets appeared after major US banks, including JP Morgan Chase & Co. and Wells Fargo, posted robust quarterly earnings. Additionally, the latest inflation data stoked optimism that the US Federal Reserve could cut interest rates as soon as November.
The increasing optimism among investors about a potential interest rate reduction, combined with robust corporate earnings, is sparking renewed enthusiasm in the financial market. This positive outlook is driving growth not only in conventional stocks but also in digital currencies such as Ether.
ETH holds above key trendline
Today’s increase in Ether’s price seems to continue following its 50-4H Exponential Moving Average (represented by the red line on the chart below), acting as a supportive level.
Concurrently, Ethereum (ETH) is experiencing selling forces near its upper trendline within a current symmetrical triangle formation. If it manages to break above this resistance level, roughly around $2,465, the Ether price could move towards the 200-4H Exponential Moving Average (the blue wave) at approximately $2,490 by October.
If Ether falls beneath the 4-hour Exponential Moving Average (EMA) support, it could indicate a more significant drop towards the lower boundary of the symmetrical triangle, possibly reaching approximately $2,390 within the same period.
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2024-10-13 19:16